Bitcoin continues higher as the upside trend line of yesterday’s expanding megaphone pattern has been broken. The price point break at roughly 7535 shows the extension of the current leg as it seeks out the ultimate endpoint – the 6700 endpoint.
This is by far the most important and pivotal point for the year as this remains the long-term bearish trend line for BTC. This has been active the entire year for BTC (sloped) and has held well. Today, at exactly 7700 (7706 is the hard challenge point previously made) this will be the biggest test for BTC. A close above this line and continuation up with support holding at 7600 then 8k firm will allow BTC the chance to turn the long-term trend bullish.